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What Do Changes in Corporate Ownership in Indonesia Tell Us?

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  • Richard W. Carney
  • Natasha Hamilton-Hart

Abstract

This article documents the pattern of corporate ownership in Indonesia before and after the 1997-98 Asian financial crisis. We draw on an original dataset that identifies ultimate owners of the country's 200 largest publicly listed corporations in 1996 and 2008, and supplement these data with additional information about unlisted firms. Corporate ownership and business-government relations in this period exhibited continuities as well as notable changes. Although family ownership remained the most prevalent form of ownership, there was considerable churning in the identities of the most powerful family owners. Listed state-owned corporations were more prominent after the crisis than before it, and foreign governments (particularly Singapore and Malaysia) substantially increased their ownership stakes in many of Indonesia's largest corporations.

Suggested Citation

  • Richard W. Carney & Natasha Hamilton-Hart, 2015. "What Do Changes in Corporate Ownership in Indonesia Tell Us?," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 51(1), pages 123-145, April.
    • Handle: RePEc:taf:bindes:v:51:y:2015:i:1:p:123-145
    DOI: 10.1080/00074918.2015.1016570
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    Cited by:

    1. Iman Harymawan & Brian Lam & Mohammad Nasih & Rumayya Rumayya, 2019. "Political Connections and Stock Price Crash Risk: Empirical Evidence from the Fall of Suharto," IJFS, MDPI, vol. 7(3), pages 1-16, September.
    2. Kyunghoon Kim, 2018. "Matchmaking: Establishment of state†owned holding companies in Indonesia," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 5(2), pages 313-330, May.
    3. Mohamed Khalil & Sandy Harianto & Yilmaz Guney, 2022. "Do political connections reduce earnings management?," Review of Quantitative Finance and Accounting, Springer, vol. 59(1), pages 273-310, July.
    4. Arifin, Taufiq & Hasan, Iftekhar & Kabir, Rezaul, 2020. "Transactional and relational approaches to political connections and the cost of debt," Journal of Corporate Finance, Elsevier, vol. 65(C).

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